The International Federation of Accountants (IFAC) is a global organization that represents the accounting profession worldwide. It was established in 1977 and is headquartered in New York City. With a membership comprising professional accounting bodies from over 130 countries, IFAC's mission is to serve the public interest by promoting and enhancing the value of the accounting profession.
IFAC plays a crucial role in setting international standards for accounting, auditing, ethics, and education. It develops and issues International Standards on Auditing (ISAs), International Financial Reporting Standards (IFRS), and International Public Sector Accounting Standards (IPSAS), among others. These standards help to ensure consistency and transparency in financial reporting, strengthening the quality and reliability of financial information globally.
Additionally, IFAC provides guidance and support to its member bodies through various initiatives and programs. It promotes best practices and knowledge sharing among accountants, aiming to foster professional excellence and integrity. Furthermore, IFAC actively engages with regulators, standard-setting bodies, and other stakeholders to advocate for strong financial governance and regulatory frameworks.
As a global organization, IFAC actively contributes to shaping the future of the accounting profession by addressing emerging issues and challenges. It collaborates with relevant stakeholders to advance the role of accountancy in areas such as sustainability, technology, and integrated reporting.
In summary, IFAC is a leading international organization that represents and supports the accounting profession, develops global standards, and promotes quality financial reporting to protect the public interest.
